跨境上市、信息环境与股票流动性——基于AH股与A股的对比分析

Cross-border Listing,Information Environment and Stock Liquidity——Based on the comparative analysis of AH shares and A shares

本文对AH股跨境交叉上市公司与沪深A股上市公司进行对比研究,实证检验跨境交叉上市对股票流动性的影响。研究发现,市场交易分化是跨境交叉上市公司与非跨境交叉上市公司股票流动性呈现出差异性的主要原因,机构投资者的交易行为和活跃程度能直接影响股票流动性,新闻媒体报道和证券分析师关注对股票流动性的影响则不明显。

This paper compares AH cross-border cross-listed companies with Shanghai and Shenzhen A-share listed companies,and empirically tests the impact of cross-border cross-listing on stock liquidity.The study finds that market transaction differentiation is cross-border cross-listed companies and non-cross-border cross-listing.The main reason for the difference in the company's stock liquidity is that the trading behavior and activity of institutional investors can directly affect stock liquidity,and the impact of news media reports and securities analysts'attention on stock liquidity is not obvious.